Bitcoin’s costs have experienced significant volatility in recent days, crossing the $14,000 and then going backwards.
The cryptocurrency surpassed the aforementioned point yesterday, emerging to $14060. 67 before falling below $14,000, according to CoinDesk data.
Digital assets rose to $14257. 53 earlier in the day, marking a new high in 2020, revealing more CoinDesk figures.
However, upon reaching this level, the cryptocurrency was reduced to $13958. 24 in the afternoon.
[Editor’s note: Making an investment in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone contemplating doing so, be ready to lose your entire investment. ]
While bitcoin has struggled to convincingly cross $14,000, several analysts have described these demanding situations as a setback as virtual assets continue to appreciate.
When asked if bitcoin faced strong resistance of around $14,000, William Noble, a leading technical analyst at cryptocurrency knowledge provider Token Metrics, said:
“I think it’s better to say that 14k is just an even number. “
“BTC stopped there last night to prevent it from being repossessed at the upper levels,” he added.
“Any action looking around 14k is just one component of a winding process to nevertheless attack $17,000,” Noble said.
He added that “17k is largely the goal of what can be a head and shoulder trend on the BTC chart. “
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also intervened, describing $14,000 as “a primary resistance” and emphasizing that this is “a key point for Bitcoin to cross and back down before it can point to $20,000. “
He also highlighted the effect of elections on markets, stating that they “naturally lead to greater volatility and indecision as the market fluctuates. “
Denis Vinokourov, head of studies at London-based virtual asset company Bequant, also intervened in the effect of this key variable on cryptocurrency markets.
“The focus in the U. S. election was such that even investors in crypto and virtual assets focused more on macros and reacted temporarily to comments and tweets from president and his opponent Joe Biden,” he said.
Vinokourov noted how bitcoin can gain advantages from uncertainty, saying that the value of the virtual currency increased “almost every single time the president mentions voter fraud and/or unwanted behavior. “
Disclosure: I bitcoin, bitcoin cash, Litecoin, ether and EOS.
I am a money editor and an editor with a wisdom forged in asset markets and investment concepts. I am currently vice president of content at Quantum Financial Services.
I am a monetary editor and an editor with a forged wisdom of asset markets and investment concepts. Currently, I am vice president of content for Monetary Corporate Quantum Economics. I have worked for money establishments such as State Street, Moody’s Analytics and Citizens Commercial Banking. Author of more than 500 publications, my paintings have left their mark on media such as the New York Post, the Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all business finance education courses for a company of more than three hundred people. I have spoken to industry occasions around the world and gave speeches on monetary literacy for Mensa and Boston Rotaract. Lately I own Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.